In this article, you will learn how to buy Solana NFTs on Magic Eden. Magic Eden is a decentralized NFT marketplace built on the Solana blockchain. The blockchain can process more than 65.000 transactions per second and has a block time of one second. Its main competitor, Ethereum, can only process 30 transactions per second and has a block time of 15 seconds.
How to Buy Solana NFTs on Magic Eden?
The process of acquiring valuable NFTs on Magic Eden is just as simple as listing NFTs for sale. Let's look at the simple steps you'll need to follow to purchase your first NFT on Magic Eden.
Head over to Magic Eden's official website: The website's design makes it easy to scout popular collections and view vital stats about each digital asset.
Connect your crypto wallet: From the homepage, you will have to click on the upper-right corner on the Select Wallet option. You will then be prompted to connect a Solana-compatible wallet to continue. The default option is Phantom Wallet, but other options are also available.
Search for an NFT collection: There are numerous vetted NFT collections added to the Magic Eden marketplace. In order to find the ones that best suit your needs, you can use the site's helpful filters.
Researching the NFTs: It is important to know as much about the NFTs that you wish to purchase as possible. This is the reason why Magic Eden will display project details such as the total trading volume or the NFT's floor price. Furthermore, you will be able to read a short description of the NFTs, along with the pricing.
Purchasing the NFT. You are finally ready to purchase your desired NFT on Magic Eden. Once you have made your decision, you can either buy it outright using the “Buy Now” option or choose to Make an offer. The latter option will allow you to suggest to the seller a price that is lower than the one for which the NFT is listed. Once you have done this, you will need to approve the transaction from your wallet. Congratulations, you are now the owner of an NFT purchased from Magic Eden.
What is the State of the Solana NFT Market?
Magic Eden dominance of Solana marketplace appears to be waning in light of the latest developments in the space. According to data from Tiexo, Magic Eden controlled 89% of Solana NFT market volumes six months ago. But that figure has dropped to 69% as of press time.
Meanwhile, NFT marketplaces with optional royalty models like Solanart saw their volume rise from 1.66% to 6.62% as of press time.
Despite the progress made by these platforms, DappRadar data shows that the number of unique active wallets interacting with Magic Eden rose by 37.52% over the last 30 days. The Solana marketplace also processed 22.24 million.
Bottom Line
Magic Eden is currently dominating the Solana NFT marketplace war, trading more than $6 million in daily volume with more than 25.000 total users. This article is about how to buy Solana NFTs on Magic Eden.
